Alpha Metallurgical Resources, Inc.

Greetings and welcome to the Alpha Metallurgical Resources fourth quarter 2024 results conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may now begin.

Thank you, Rob, and good morning, everyone. Before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's fourth quarter and full year 2024 earnings release and the associated SEC filing. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to gap measures. Participating on the call today are ALSA's Chief Executive Officer, Andy Edson, and our President and Chief Operating Officer, Jason Whitehead. Also participating on the call are Todd Muncy, our Chief Financial Officer, and Dan Horn, our Chief Commercial Officer. With that, I will turn the call over to Andy.

Thanks, Emily, and good morning, everyone. Today, we announced financial results for the fourth quarter in the full year of 2024, which included adjusted EBITDA of $53 million and 4.1 million tons shipped in the quarter. And despite the deteriorating coal market conditions, our teams completed another year of safe production with record-setting safety metrics. As we've discussed in prior calls, the metallurgical coal market conditions have been negatively impacted by weak global steel demand, and these conditions persist. Our operations, like all others in Central Appalachia, have also experienced significant challenges because of extreme weather this winter, which will have substantial implications for our quarterly performance for the first and perhaps second quarters. Jason will be sharing details on those impacts later. These issues caused us to increase the top end of our cost of coal sales guidance for the year and to bring down our annual metallurgical shipment volume guidance by 500,000 tons. This half a million ton figure roughly aligns with the amount we expect to have missed in the first quarter due to the confluence of loss shifts from absenteeism, power outages, snow and flooding impacts, and transportation delays. Beyond these direct impacts on our ability to move coal, other producers who we purchase coal from have experienced the same issues, so we've not been able to buy as much coal as expected in the first quarter. All of this, coupled with the continued weakness in the metallurgical coal markets, means we expect the rest of the quarter to be difficult. The good news is that a year ago, we anticipated market weakness, and we took action to prepare our business and our balance sheet. The weather impacts have been an unwelcome surprise, but we've managed through that, and our teams have worked hard to protect the safety of our people and our operations. Adversity isn't a stranger to this company or this industry, and it makes me proud to see the way the team has responded to these circumstances. During market conditions like these, it's not unusual to hear about tonnage coming offline due to uneconomic cost profiles, and a few very small operators have even made recent bankruptcy announcements. Volatility in our industry is a constant, and its effects are often intensified in down markets. However, conditions like these can sometimes present opportunities for well-capitalized companies to consider bolting on a mine, reserve base, or other kind of property. When it comes to M&A, Our approach is to have an open-door policy, meaning we believe it's important to evaluate the landscape for any potential transactions that could strengthen alpha for the long term. We don't have any announcements to make today, but we continue to keep our eyes open for opportunities to fortify the financial and operational health of this already strong organization. Despite the rough market environment and uncertainty around tariffs that are getting most of the headlines, we understand that market analyst projections for global steel demand remain strong. with met coal supply expected to stay constrained over the long term. So with that, I will turn the call over to Todd for additional information about our quarterly financial results.